A lot of this growth is driven by online video. In fact, online video sites will eventually become the single biggest cause for bandwidth consumption. They will take the reign from, you guessed it, file sharing networks, which are currently still dominating global IP traffic. P2P will continue to grow, but not as the same pace as online video, which will dominate by 2011, as you can see in this nifty widget graph from Cisco:

Cisco also shared some interesting findings about regional differences. Here's a quick comparison between the traffic consumed by file sharing in the US, South Korea, China, Japan and Russia.

I'm not entirely sure if I should believe the China values, but it seems to be entirely possible for hyper-connected Korea to eventually overtake the US.